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Property, Plant and Equipment
 6 Months Ended
Jun. 30, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

4. Property, Plant and Equipment — Property, plant and equipment at June 30, 2023 and December 31, 2022 consists of the following:

 

 

 

June 30,
2023

 

 

December 31, 2022

 

Land

 

$

2,764

 

 

$

2,757

 

Buildings and improvements

 

 

21,062

 

 

 

20,794

 

Machinery and equipment

 

 

146,476

 

 

 

142,980

 

Office furniture, fixtures and equipment

 

 

11,304

 

 

 

13,231

 

Automotive equipment

 

 

1,506

 

 

 

1,584

 

Construction in progress

 

 

7,811

 

 

 

5,897

 

Total gross value

 

 

190,923

 

 

 

187,243

 

Less accumulated depreciation

 

 

(117,471

)

 

 

(116,331

)

Total net value

 

$

73,452

 

 

$

70,912

 

 

The Company recognized depreciation expense related to property and equipment of $2,143 and $1,974 for the three-month period ended June 30, 2023 and 2022, respectively. The Company recognized depreciation expense related to property and equipment of $4,322 and $4,077 for the six months ended June 30, 2023 and 2022, respectively.

Substantially all of the Company’s assets are pledged as collateral to its banks.